Billionaire Warren Buffett said it would be “most asinine” if U.S. lawmakers keep the debt ceiling, rather than lift it to allow more borrowing.
“We’re a growing country, and we’re going to have a growing debt capacity,” Buffett said today at the annual meeting of his Berkshire Hathaway Inc. “In my view, there’s no chance that they don’t increase the debt ceiling.”
Congress is facing a vote as early as next month on raising the $14.3 trillion ceiling. Republicans are demanding spending cuts as the price of their vote to allow the U.S. to go further into debt. Treasury Secretary Timothy F. Geithner has said inaction on the ceiling would be “irresponsible” and raise questions about the country’s commitment to meeting obligations to bondholders.
Buffett, 80, is Omaha, Nebraska-based Berkshire’s chairman, chief executive officer and largest shareholder and was a supporter and adviser to President Barack Obama, a Democrat, during his campaign for the White House.